Welcome to another edition of the Capital Employed Newsletter.
If you’ve not done so already make sure to check out the Q3 2026 Fund Letters Round-Up - 83 letters have been added so far. It’s a treasure trove of insights and ideas.
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Exclusive stock pitches by fund managers →
#144 - Jack Pailing (Colebrooke Partners) 📗
#143 - Orlando Muyshondt (Elena Partners) 📗
#142 - Christian Putz (ARR Investment Partners) 📗
#141 - Dylan Marrello (Marrello Capital) 📗
#140 - Dean and Deiya (Pernas Capital) 📗
#139 - Sébastien Lagarde (Alphajet Europe Microcap Fund) 📗
BEST IDEA AWARD FOR THIS ISSUE 🏆
Flashlight Capital on Orion 🇰🇷
Orion is Korea’s largest confectioner, with about 22% snack-market share and sales in more than 60 countries. Roughly two-thirds of revenue comes from overseas, yet the stock trades at a large discount to global peers.
The problem is not Orion’s operating business, but how the controlling family and board manage cash, compensation, and acquisitions.
A potential 3x upside if Orion improves governance and deploys cash more effectively.A round-up of the best ‘fresh-off-the-press’ stock pitches…